Spotlight

Indian equity markets are expected to open on a cautious note, with GIFT Nifty futures hovering just above the 24,400 mark compared with the Nifty's previous close of 24,435, pointing to a muted start despite a rebound across global markets. Elevated crude oil prices, driven by the continuing U.S.-Iran standoff over the Strait of Hormuz, remain the primary overhang for domestic equities and are likely to keep investor sentiment measured.

Global risk appetite improved after softer-than-expected U.S. inflation data reinforced expectations that the Federal Reserve is likely to keep interest rates unchanged at its September meeting. Sentiment received an additional boost from another round of strong earnings from AI infrastructure companies, sparking broad-based gains in technology stocks. Reflecting the improved backdrop, Japan's Nikkei 225 is trading more than 1% higher, while South Korea's Kospi has advanced over 3%, providing supportive regional cues for Indian markets. 

WTI crude has eased from its recent highs to trade near $82 a barrel, although prices remain well above levels seen before the latest escalation in Middle East tensions. Until there is greater clarity on the Strait of Hormuz, oil is likely to retain a geopolitical risk premium, keeping India's inflation outlook, import costs, the rupee, and corporate margins firmly in focus.   

Technical view

Nifty 50

Nifty 50 is likely to remain under pressure at higher levels unless the index decisively reclaims the 24,500–24,600 resistance zone. A sustained breakout above 24,600 could strengthen buying momentum and pave the way for an advance towards the 24,800–25,000 region.
 
On the downside, the 24,300–24,250 zone remains the immediate support area, followed by the 24,000 psychological mark, which is expected to provide stronger support. A decisive break below 24,250 could intensify selling pressure, weaken the near-term technical structure and keep the market sentiment subdued. Overall, the near-term outlook remains cautious, with 24,600 acting as the key upside trigger and 24,2300 as the immediate level to sustain on the downside.

Bank Nifty

Bank Nifty remains comparatively stronger and is likely to outperform Nifty if banking-sector buying continues. The 58,000 zone remains the immediate resistance, while a sustained breakout above 58,300 would strengthen the bullish momentum and could pave the way for an advance towards the 58,500–59,000 region.
 
On the downside, 57,500 remains the immediate support, followed by the 57,200–57,000 zone. Sustaining above 57,400 will be important to preserve the prevailing recovery structure, while a decisive break below this level could weaken the near-term bias and invite profit booking. Overall, the near-term technical outlook remains cautiously positive above 57,400, with 58,300 serving as the key breakout level for further upside.